Mr. Arnold Kondrat reports

LONCOR PREPARES A DEEP DRILLING PROGRAM TO DEFINE ADDITIONAL MINERAL RESOURCES BELOW ADUMBI'S 3.66 MILLION OUNCE OPEN PIT RESOURCE

Drilling tenders have been sent to a number of drilling companies to bid on an 11,000-metre-deep drilling program at Loncor Gold Inc.'s priority gold exploration target below the Adumbi $1,600-(U.S.)-per-ounce pit shell. It is proposed that two core rigs will commence a deep drilling program at Adumbi by the beginning of April, 2024. Adumbi is situated 220 kilometres from Africa's largest gold mine, the Barrick Gold/AngloGold Ashanti Kibali gold mine, a hub for many major mining related contractors in the Democratic Republic of the Congo.

Fifteen intersections are proposed below the pit shell in order to outline an inferred underground mineral resource. Of the 15 proposed intersections, six interceptions will be wedged off nine deeper holes in order to save time and costs. This drilling program is estimated to be completed by year-end at which time an underground inferred mineral resource estimate will be carried out.

Adumbi currently has an indicated mineral resource of 1.88 million ounces of gold (28,185,000 tonnes grading 2.08 grams per tonne Au), and an inferred mineral resource of 1.78 million ounces of gold (20.83 million tonnes grading 2.65 g/t Au) -- all within the $1,600 (U.S.)/oz pit shell, with 84.68 per cent of these mineral resources being attributable to Loncor.

Loncor's chief executive officer, John Barker, commented: "The recent non-dilutive sale of Makapela for $13.5-million has strengthened Loncor's hand significantly. It allows us to drill for the potential ounces below the 3.66-million-ounce, high-grade resource delineated within the Adumbi pit outline.

"Additionally, confirmation of significant ounces at depth would allow Adumbi the flexibility to explore the economics of a combined open pit and underground project. A smaller pit would reduce strip ratios, and the underground ounces would increase the grades through the processing plant with the overall target being an enhanced economic profile for the combined open pit and underground scenario.

"With the recent DRC general elections passing successfully, the country continues to draw growing interest from international companies seeking world-class mineral and mining opportunities. We believe the developing Adumbi places Loncor at the forefront of such interest."

The Adumbi resource remains open at depth below the $1,600 (U.S.)/oz pit shell (maximum depth of pit shell bottom 550 metres below surface) with the favourable Banded Ironstone formation (BIF) host increasing in thickness. As stated in the company's press release of Dec. 19, 2023, the company estimates the potential Adumbi underground exploration target as between 8.9 million tonnes to 9.6 million tonnes grading 4.7 g/t Au to 4.9 g/t Au to a depth of 800 metres (reference is made to the said press release, which can be found at SEDAR+, for additional information with respect to this estimate). These potential quantities and grade are conceptual in nature as there has been insufficient exploration to define a mineral resource and it is uncertain if further exploration will result in the Adumbi underground exploration target being delineated as a mineral resource.

Loncor's independent geological consultants Minecon Resources and Services Ltd. undertook the Adumbi underground exploration target tonnage and grade estimation ranges. The Adumbi three-dimensional model was constructed using cross-sectional and horizontal flysch plans of the geology and mineralization and was used to assist in constraining the 3-D geological model. This underground exploration target has been estimated to a maximum depth of 800 metres below surface.

Qualified person

Peter N. Cowley, who is president of Loncor and a qualified person as such term is defined in National Instrument 43-101, has reviewed and approved the technical information in this press release.

About Loncor Gold Inc.

Loncor is a Canadian gold exploration company focused on the Ngayu greenstone gold belt in the northeast of the Democratic Republic of the Congo. The Loncor team has over two decades of experience of operating in the DRC. Loncor's growing resource base in the Ngayu belt currently comprises the Imbo and Makapela projects. At the Imbo project, the Adumbi deposit holds an indicated mineral resource of 1.88 million ounces of gold (28,185,000 tonnes grading 2.08 g/t gold), and the Adumbi deposit and two neighbouring deposits hold an inferred mineral resource of 2.09 million ounces of gold (22,508,000 tonnes grading 2.89 g/t Au), with 84.68 per cent of these resources being attributable to Loncor. Following a drilling program carried out by the company at the Adumbi deposit in 2020 and 2021, the company completed a preliminary economic assessment of the Adumbi deposit and announced the results of the preliminary economic assessment in December, 2021. The Makapela project (which is located approximately 50 kilometres from the Imbo project) has an indicated mineral resource of 614,200 ounces of gold (2.20 million tonnes grading 8.66 g/t Au) and an inferred mineral resource of 549,600 ounces of gold (3.22 million tonnes grading 5.30 g/t Au). On Dec. 13, 2023, Loncor announced the sale of the Makapela project, which sale is expected to close before the end of February, 2024 (see the company's Dec. 13, 2023, press release).

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